Defaulted Obligations. The Collateral Manager may, on behalf of the Issuer, direct the Collateral Agent to sell any Defaulted Obligation, or to consummate a Bankruptcy Exchange, at any time. With respect to each Defaulted Obligation that has remained a Defaulted Obligation for a continuous period of three years after becoming a Defaulted Obligation and has not been sold or terminated during such three year period, the Market Value and the Principal Balance of such Defaulted Obligation shall be deemed to be zero.
Appears in 3 contracts
Samples: Indenture and Security Agreement (Silver Point Specialty Lending Fund), Indenture and Security Agreement (Silver Point Specialty Lending Fund), Indenture (PennantPark Floating Rate Capital Ltd.)
Defaulted Obligations. The Collateral Manager may, on behalf of the Issuer, direct the Collateral Agent Trustee to sell any Defaulted Obligation, or to consummate a Bankruptcy Exchange, at any time. With respect to each Defaulted Obligation that has remained a Defaulted Obligation for a continuous period of three years after becoming a Defaulted Obligation and has not been sold or terminated during such three year period, the Market Value and the Principal Balance of such Defaulted Obligation shall be deemed to be zero.
Appears in 1 contract
Samples: Indenture and Security Agreement (PennantPark Floating Rate Capital Ltd.)
